Most unaffordable housing in Vancouver? We are still the greatest city in the world!

[InTheBum]

http://www.calgaryherald.com/health/Vancouver+severely+unaffordable+study+shows/2483011/story.html


This article is much better...shows the true situation across Canada.

 

[palmtree]

Correct...actual median income per working person is 34k in BC.

Why do you think so many girls work as SPs? They dont want to serve coffee and muffins all day at two jobs, to make 26k before income tax...

the sad part is that fact means that there are less women dateable around. doesnt matter Im moving again I don't care

 

[sonoman]

I can certainly say that this is the most livable place in the country.

By what criteria? Does 'livable' take consideration of the East side as well?

There's a reason why an 800 sf shoebox costs $800K, and it's because relative to most other places, Vancouver is a *very* desireable and liveable city.

Those prices are not reflective of the true value of the asset - they're grossly inflated, out of pace with real wages; housing prices are bid up by a small segement of the population.

 

[hunsperger]

Well said. No place is perfect, but we certainly are the envy of many cities around the world. Having lived in and visited almost every major city in Canada, I can certainly say that this is the most livable place in the country. Those who don't like it here are more than welcome to pack their bags and move elsewhere. Nobody is forcing you to stay in Vancouver. There's a reason why an 800 sf shoebox costs $800K, and it's because relative to most other places, Vancouver is a *very* desireable and liveable city.

what a sanctimonious, ridiculous, supercilious, smug and haughty post...

typical odious Vancouverite...

the comment about packing your bags and moving elsewhere is asinine in it's fatuousness...

as is your spelling of desirable...

come down off your high horse...

your attitude is repugnant...

 

[HubbaHubba]

what a sanctimonious, ridiculous, supercilious, smug and haughty post...

typical odious Vancouverite...

the comment about packing your bags and moving elsewhere is asinine in it's fatuousness...

as is your spelling of desirable...

come down off your high horse...

your attitude is repugnant...

Stop being such an insulting troll.......enough is enough.

 

[87112]

Its more than just the monthly mortgage payment on these 500k-800k shoeboxes. You have to pay property taxes and homeowners dues which probably for that range of condo is going to be 500 bucks a month combined. Once again, I am amazed at how people live in your city.

 

[aznboi9]

Your being sacrastic, right??

rainy most of the year ( if you like rain..fine )

Rain's not great, but better than, for example, six feet of snow.

blah, blah, blah... I'm too stupid to reply to an intelligent post by someone with a higher IQ... blah, blah, blah...

What an idiot.

 

[JaJaBinks]

I've lived in a few cities around the world now and Vancouver is a pretty desirable place. The climate is good, the people are decent, amenities and facilities are good, crime is low (relative to other places) and job prospects are not bad. Add to that the spectacular views of mountains and sea, the proximity to a world class ski resort...it has it's merits.

However I won't be staying here much longer. I want to buy a place and I earn well above the average but I refuse to spend double the worth of a place for a shitty amount of space.
I feel sorry for the children of Nth Generation Vancouverites who will not be able to afford homes in the city they grew up in, it is pretty sad.
I don't pretend to know the reason why this has happened above and beyond the credit boom that infected other places in the world. Olympics seems like a cop out reason - why would three weeks of the crapper version of the Olympics have such a big impact? It's not as though the city has been massively transformed with Olympic rejuvenation cash.

I am really surprised. u say u have lived around the world, yet your comments border on ignorance. Let me enlighten u. If you have really lived around the world like I have, u will realise that compared to New York, Tokyo, Singapore, San Francisco etc. the property prices here are not as high as they seem. Secondly, when you buy property here, there is a reason why its so expensive. This is because people perceive this to be a great city to live in. If you don't share the same perception that's fine don't buy property here. Its like buying a car. Some people will pay $80K for a Mercedes, while other people think they are crazy, and would rather buy a $15K Kia. U don't have to be condescending and fill sorry for other people's children.

 

[87112]

Its one thing to buy a 500k 500sq feet studio, its another to sell it years later for 400k when the market gets some sanity. Those that bought recently are playing with fire.

And unlike cars you cannot buy gap insurance for home loans.

 

[sonoman]

Its one thing to buy a 500k 500sq feet studio, its another to sell it years later for 400k when the market gets some sanity. Those that bought recently are playing with fire.

I had two real estate agents say the same to me (ironically) - in 2006. Hasn't happened yet, but it was an interesting insight. Real interest rates are low now; what happens to variable-rate mortgages when they rise?

 

[JaJaBinks]

Its one thing to buy a 500k 500sq feet studio, its another to sell it years later for 400k when the market gets some sanity. Those that bought recently are playing with fire.

And unlike cars you cannot buy gap insurance for home loans.

And u know they are playing with fire, how? U have a crystal ball? 30 years ago, when someone paid $90K for a house in East Vancouver, people told him he was nuts and playing with fire too. The fact is that real estate appreciates, if for no other reason than inflation. If u are a speculator, maybe u get burnt, depends on the timing. If you are planning to live in it for the long term, than its not an issue. What's the alternative? Pay $100K in rents to your landlord after some years?.

 

[87112]

Just look at what happened in the states in Florida, Arizona, LA Area. Years and Years of rising home cost than BOOM, recent buyers are 30-50k negative. Sure you can say well I bought in the 90s but how many of these people that struck it rich do you know. You can name them on one finger.

 

[InTheBum]

Just look at what happened in the states in Florida, Arizona, LA Area. Years and Years of rising home cost than BOOM, recent buyers are 30-50k negative. Sure you can say well I bought in the 90s but how many of these people that struck it rich do you know. You can name them on one finger.

Actually, I can name tons of ppl that have made a killing on Vancouver Real Estate.

But, most haven't cashed out and still think the values will continue to rise.

Just looking around at my family members, including Aunts and Uncles...they probably hold a combined asset value of 8 to 10 million in Vancouver Real Estate, with a purchase price of around 2.5 to 3.5 mil.

 

[palmtree]

I am really surprised. u say u have lived around the world, yet your comments border on ignorance. Let me enlighten u. If you have really lived around the world like I have, u will realise that compared to New York, Tokyo, Singapore, San Francisco etc. the property prices here are not as high as they seem. Secondly, when you buy property here, there is a reason why its so expensive. This is because people perceive this to be a great city to live in. If you don't share the same perception that's fine don't buy property here. Its like buying a car. Some people will pay $80K for a Mercedes, while other people think they are crazy, and would rather buy a $15K Kia. U don't have to be condescending and fill sorry for other people's children.

this is the dumbest thing I have ever read on a message board- jaja you are the winner of all time stupid posts

you clearly have NOT lived around the world

 

[JaJaBinks]

Just look at what happened in the states in Florida, Arizona, LA Area. Years and Years of rising home cost than BOOM, recent buyers are 30-50k negative. Sure you can say well I bought in the 90s but how many of these people that struck it rich do you know. You can name them on one finger.

Again, u really need to get a clue. The situation in the states is different than here. Lots of things went wrong there. The way their banking system works, the way they lend credit, their mortgage insurance system, etc. all are very different to what is present in canada, and not applicable in this country. I can tell you that every single person I know who bought a house in the 1990s have made money on it, if they held on to it today. So, I don't know what u are talking about.

 

[JaJaBinks]

this is the dumbest thing I have ever read on a message board- jaja you are the winner of all time stupid posts

you clearly have NOT lived around the world

I am the winner of stupid posts? thanks for giving me this award, because only a retard will recognize this talent, right? Did a coconut fall off the palmtree and hit you on your little pea brain?

 

[greatshark]

I am really surprised. u say u have lived around the world, yet your comments border on ignorance. Let me enlighten u. If you have really lived around the world like I have, u will realise that compared to New York, Tokyo, Singapore, San Francisco etc. the property prices here are not as high as they seem......

The study was flawed - Vancouver is by far nowhere near the most expensive city in the world. all the above ones plus countless others are more expenseive

The authors of the study were biased, and intentionally manipulated the data to get their end result which was to make Vancouver the most unaffordable in the world. They did it dishonestly. For example they, compared a house in city of Vancouver to an apartment in other major cities. So to quote UBC economist Tsur Sommerville, "they weren't comparing apples to apples, they were comparing apples to oranges."

Their solution for Vancouver's affordability problem. Deregulate land use policies and remove zoning regulations. In other words, let developers build whatever they want wherever they want. And of course allow development in the ALR (well actually they want no ALR).

But what do you expect from a right-wing think tank, which is what they are.

 

[InTheBum]

on your $60,000 a year job, minimum down payment combined with the maintenance fee's........it wasn't in the budget

NO...20k yr job, min down payment combined with maintenance fees, 40 yr mortgage at variable interest!

 

[sonoman]

Don't know much about the political system but it can be worse and it appears we have a pretty good health system and social services seems OK. Our roads, transportation and infrastructure seems pretty good as I can get to places pretty quickly unlike having to deal with countless hours stuck in traffic. Cost of energy and fuel seems to be pretty affordable compared to some folks in Europe. I can actually take a deep breath and enjoy the air unlike when I travel to other places.

These are all valid points, but they're not exclusive or unique to Vancouver; a lot of other (Canadian) cities boast the same, or better.

 

[JaJaBinks]

I hardly think you can compare Vancouver on the same scale as the places you mentioned. Are you seriously going to put New York next to Vancouver - they are totally different places offering wildly different things (one having a major financial center for one).
People are drawn to Vancouver to wind down a bit not to have the hustle and bustle and the financial rewards and opportunities that come with that. I'd be interested to see stats on the ratio of retirees that live in Vancouver versus the working population compared to the places you mention. Whenever I see the claims of Vancouver being "the best city in the world" I often wonder for who exactly? It's not for the twenty-somethings or a young family of first time buyers, that's for sure.

I don't know what u are talking about, the article and the thread clearly compares Vancouver to the rest of the world. So, I think its absolutely correct to compare Vancouver to NY and other cities. Get with the program, will u?